Correlation Between InnovAge Holding and JD Health
Can any of the company-specific risk be diversified away by investing in both InnovAge Holding and JD Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining InnovAge Holding and JD Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between InnovAge Holding Corp and JD Health International, you can compare the effects of market volatilities on InnovAge Holding and JD Health and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in InnovAge Holding with a short position of JD Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of InnovAge Holding and JD Health.
Diversification Opportunities for InnovAge Holding and JD Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between InnovAge and JDHIF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding InnovAge Holding Corp and JD Health International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD Health International and InnovAge Holding is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on InnovAge Holding Corp are associated (or correlated) with JD Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Health International has no effect on the direction of InnovAge Holding i.e., InnovAge Holding and JD Health go up and down completely randomly.
Pair Corralation between InnovAge Holding and JD Health
If you would invest 313.00 in JD Health International on September 3, 2024 and sell it today you would earn a total of 0.00 from holding JD Health International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
InnovAge Holding Corp vs. JD Health International
Performance |
| Timeline |
| InnovAge Holding Corp |
| JD Health International |
InnovAge Holding and JD Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InnovAge Holding and JD Health
The main advantage of trading using opposite InnovAge Holding and JD Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InnovAge Holding position performs unexpectedly, JD Health can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in JD Health will offset losses from the drop in JD Health's long position.| InnovAge Holding vs. Select Medical Holdings | InnovAge Holding vs. Encompass Health Corp | InnovAge Holding vs. Pennant Group | InnovAge Holding vs. Acadia Healthcare |
| JD Health vs. Ryman Healthcare Limited | JD Health vs. Tenet Healthcare | JD Health vs. Novo Integrated Sciences | JD Health vs. InnovAge Holding Corp |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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